Smart Advisors Market Size, Share, Growth Report 2032

Smart Advisors Market Insights

According to Zion Market Research, the global Smart Advisors Market was worth USD 7.83 Billion in 2023. The market is forecast to reach USD 45.69 Billion by 2032, growing at a compound annual growth rate (CAGR) of 19.3% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Smart Advisors Market industry over the next decade.

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Global Smart Advisors Market Size Overview

The global Smart Advisors market accounted for USD 1,049.2 Million in 2020 and is expected to reach USD 4,498.1 Million by 2028, growing at a CAGR of 20.2% from 2021 to 2028.

Smart Advisors are basically applications that accept text or voice commands from users, interpret it digitally and then using Artificial Intelligence (AI) tools, complete those commands. They make the life of the user efficient by completing their digital tasks effectively. These applications are equipped with Machine Learning (ML) tools as well. Thus, they evaluate data and predict behavior or patterns for the user, facilitating their decision making.

Increased penetration of internet and enhanced adoption of Artificial Intelligence tools are some of the major factors that are augmenting the growth of the Smart Advisors market, worldwide. The ability of Smart Advisor tools to perform with increased operational convenience will drive the market for Smart Advisors in Retail and Healthcare industries.

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COVID-19 Impact Analysis

Before the COVID-19 pandemic, companies in the Smart Advisors market were expanding at a steady pace. However, during the pandemic, the requirement for Smart Advisor tools grew significantly. This can be accredited to the worldwide lockdown and business shutdowns.

Due to the lockdown, a lot of companies saw a dynamic shift in their working regime as people were working from home and relying on digital technologies and solutions for their work-related activities. This increased the demand for smart advisor tools across various domains such as IT, ecommerce, retail, banking, financial services and insurance and healthcare industries, among others.

Additionally, with business shutdowns, companies relied on Smart Advisor technologies such as artificial intelligence and big data analytics to develop and implement strategies, to aid the continuation of their businesses amid the economic crisis. All these factors had a positive impact on the Smart Advisors market, which grew significantly.

Growth Factors

Technological advancements, increased adoption of cloud computing, rising dependency on Machine Learning and Artificial Intelligence tools and enhanced demand from end users are some of the major factors that drive the smart advisors market, globally.

Smart Advisors have a multitude of applications in the retail, healthcare, finance, hospitality and education sectors, among others. They help businesses as well as customers in making decisions, based on the availability of their resources and their proclivities. They make use of technologies to analyze and evaluate data, to offer solutions that are efficient and effective. Due to this, they are utilized tremendously, in a wide range of industries.

Additionally, they perform tasks for end users relatively quickly and conveniently. Furthermore, with improvements in technologies, the services offered by Smart Advisors are being enhanced. This, in turn, drives the market for Smart Advisors.

Smart Advisors Market: Report Scope

Usage Segment Analysis Preview

The Mobile Platform segment held a significant share in 2020, becoming the most dominant segment, globally and it is expected to maintain its dominance, during the forecast period. This dominance can be credited to the increased penetration rate of Smartphones and Internet.

Smartphones are equipped with internet connectivity and location services. Due to this, Smartphones can utilize AI based services to locate facilities nearby, based on user preferences. Additionally, technological advancements in smartphones make them capable of using advanced applications and cloud-based services. Furthermore, with the rapid modernization phase and technological developments, smartphone users rely largely on Smart Advisor services for the effortless and efficient operation of their routine tasks and activities.

Subsequently, the Websites segment holds a significant share in the Smart Advisors Market. This can be accredited to the enhanced digitalization rate of businesses. Due to which, most business websites use Smart Advisor services to offer enriching customer services for their users.

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End-use Industry Segment Analysis Preview

The retail segment is anticipated to reach a substantial CAGR between 2021 and 2028. This is attributable to the immense demand and usage of Smart Advisors in the Retail industry. Due to the increasing growth of ecommerce, business owners of the Retail industry rely on AI based technologies and algorithms, to make effective decisions.

Subsequently, the healthcare segment held a notable share of the Smart Advisors market in 2020. This is attributable to the rising need of virtual medical services. Smart Advisors facilitate the accessibility of medical services anywhere, at any given time, in the world. Furthermore, the Banking, Financial Services and Insurance segment contributes to the Smart Advisors market majorly. Smart Advisors help in the decision-making process of financial matters tremendously. With the use of technologies like Machine Learning and Artificial Intelligence, decisions such as investments, divestments, buying, selling can be effectively analyzed.

Regional Analysis Preview

The North America region accounted for a share of over 36% in 2020. This is attributable to various factors such as the presence of developed economies like the US and Canada, technological advancements, the prominence of innovation and the increase in the amount of Research and Development (R&D) activities.

Countries like the US and Canada largely invest in R&D activities, for a wide number of applications. They also focus on bringing novel technologies and innovations in a number of industries across various business functions such as sales, marketing, operations, among others. Additionally, the North American region has a huge Banking, Financial Services and Insurance sector and it is one of the largest consumers of Smart Advisors’ services. With the rise of R&D, technological advancements, innovations and sectors such as BFSI, retail and ecommerce, in the region, the Smart Advisors market is expected to grow as well.

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The Asia Pacific region is expected to reach a CAGR of over 23.1% between 2021 and 2028. This massive growth can be credited to several factors such as the presence of large number of developing economies, increased adoption of Machine Learning (ML), Artificial Intelligence (AI), Internet of Things (IoT) and Big Data Analytics, in the region.

Presence of large number of developing economies, contributes to its economic growth, rise in disposable incomes and enhanced standards of living. Due to this, the investments and competition in the retail, telecommunications, ecommerce, finance and technology sectors have been on a rise. Owing to this, these sectors attract a large number of customers.

Furthermore, due to increased technological advancements, the region is experiencing enhanced adoption of cloud computing services and big data analytics. All of these factors are expected to boost the Smart Advisors market in the region.

Key Market Players & Competitive Landscape

Some of the key players in the Smart Advisors market are IBM Corporation, eGain Corporation, Creative Virtual Pvt. Ltd., Artificial Solutions, [24]7.ai, Ivanti, Verint Systems, CX Company, Oracle Corporation and Hexagon AB among others.

The global smart advisors market is segmented as follows:

By Type

• Software
• Services

By Usage

• Websites
• Social Media
• Mobile Platform
• Contact Centers

By End-use Industry

• Banking, Financial Services and Insurance (BFSI)
• Retail
• Travel and Hospitality
• Healthcare
• Government
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa